Apple, Philip Morris, QLogic, Yahoo, more

NEW YORK (MarketWatch) -- Shares of the following companies were among those making notable moves in the U.S. stock market Wednesday:

Advancers

Apple Inc.
AAPL, -0.45%
gained 5.9%. It reported a fourth-quarter profit of $1.14 billion, or $1.26 a share, up from $904 million, or $1.01 a share, earned in the year-earlier period. Revenue rose to $7.9 billion from $6.22 billion. Analysts surveyed by FactSet Research had forecast Apple to earn $1.10 a share on revenue of $8.02 billion. Apple said that when adjusting to eliminate the impact of subscription-based accounting related to certain products, it earned $2.44 billion on $11.68 billion in sales. See full story

Separately, analysts at UBS downgraded Apple to neutral from buy, saying that strong cash provides downside support but that there's uncertainty ahead.

Broadcom Corp.
BRCM
rose 6.5%. It reported third-quarter net income of $164.9 million, or 31 cents a share, up from $27.8 million, or 5 cents a share, for the year-earlier period. Revenue reached $1.3 billion, up from $950 million. Analysts had expected Broadcom to report earnings of 44 cents a share, on revenue of $1.27 billion, according to a FactSet survey. See full story

Dollar Thrifty Automotive
DTG, +0.63%
surged 149.4% after it projected a third-quarter profit and said it expects to end the quarter with an unrestricted cash balance in excess of $200 million, up from $80 million at the end of June. The company said it benefited from a cash dividend from its vehicle-finance subsidiary. As of Sept. 30, the car-rental company said it also remains in compliance with all of its financial covenants.

EMC Corp.
EMC, +0.00%
reported a 17% drop in third-quarter profit and stronger-than-expected adjusted earnings on the back of revenue growth in information storage, the company's RSA security division, and its majority-owned VMWare subsidiary. See full story.

Norfolk Southern Corp.
NSC, -0.81%
reported third-quarter net income of $520 million, or $1.37 a share, up from $386 million, or 97 cents, earned a year earlier. Revenue for the quarter rose 23% to $2.89 billion from $2.35 billion. Analysts polled by FactSet had been looking for profit of $1.21 a share on $2.76 billion in revenue. The railroad operator cited continued revenue growth from hauling coal as generating the bulk of its gains. General merchandise and intermodal freight hauling also improved.

Northrop Grumman Corp.
NOC, +0.13%
said third-quarter earnings from continuing operations rose to $509 million, or $1.50 a share, up from $489 million, or $1.41 a share, in the year-ago period. The military contractor's quarterly sales jumped 6% to $8.38 billion from $7.9 billion. Analysts polled by FactSet had been looking for a profit of $1.41 a share on sales of $8.2 billion.

C.H. Robinson Worldwide Inc.
CHRW, +0.23%
rose 9.1% after it reported third-quarter profit of $93.6 million, or 54 cents a share, up from $83.7 million, or 48 cents, earned a year earlier. Revenue rose to $2.32 billion from $1.87 billion. Analysts polled by FactSet had projected a profit of 53 cents a share on sales of $2.27 billion, on average. The trucking giant said increased demand drove earnings growth, even as fuel prices ate away at gross margins. See full story

Travelers Cos.
TRV, -0.38%
said third-quarter net income fell to $214 million, or 36 cents a share, from $1.2 billion, or $1.81 a share, in the year-earlier quarter. The insurer said operating profit for the latest quarter was 55 cents a share. Expectations had been for operating earnings of 74 cents a share, according to the FactSet-derived consensus.

Tupperware Brands Corp.
TUP, +0.28%
gained 11.3%. The direct seller of kitchen and home products, reported a third-quarter profit that quadrupled on 13% higher revenue, and said it would speed up repurchases of its stock. Earnings reached $27.5 million, or 44 cents a share, from $6.9 million, or 11 cents, in the year-earlier period. Excluding special items, adjusted profit reached 47 cents a share against 37 cents in the 2007 third quarter. Revenue rose to $513.1 million from $454.7 million.

VMware Inc.
VMW, -0.53%
rose 7.1%. It reported better-than-expected third-quarter earnings thanks mostly to strong growth in services revenue. The company had a profit of $83.3 million, or 21 cents a share, up from $64.7 million, or 18 cents, earned in the year-earlier period. Excluding the cost of stock options and other items, the company earned $93 million, or 24 cents a share, for the latest quarter.

Yahoo Inc.
YHOO
said that third-quarter profit fell and that it will cut roughly 10% of its work force. Earnings fell to $54.3 million, or 4 cents a share, from $151.3 million, or 11 cents, in the year-earlier quarter. Excluding special items, Yahoo earned 9 cents a share in the latest period, as revenue rose to $1.33 billion. Analysts had estimated Yahoo would report earnings of 8 cents a share on $1.37 billion in revenue, according to the consensus derived in a FactSet poll. See full story.

Decliners

Air Products & Chemicals Corp.
APD, -1.32%
the provider of industrial gases and specialty materials, reported fourth-quarter net income fell 11% on 14% higher sales. For the quarter ended Sept. 30, earnings fell to $261.6 million, or $1.21 a share, from $292.8 million, or $1.31 a share, in the final three months of fiscal 2007. Earnings from continuing operations were $1.26 a share, lower than the prior year's $1.32 a share. Adjusted earnings from continuing operations were $1.26 a share in the latest quarter, up from $1.15 a share a year earlier. Quarterly sales reached $2.71 billion from $2.37 billion.

Amylin Pharmaceuticals Inc.
AMLN
and Eli Lilly & Co.
LLY, +0.00%
said they entered into a product supply agreement for a once-a-week version of the diabetes drug Byetta. Under terms, Eli Lilly will make an initial cash payment of $125 million to Amylin, and Amylin will supply product for U.S. sales and to Eli Lilly for non-U.S. sales. Eli Lilly will also make a $165 million line of credit available to Amylin beginning in the fourth quarter of 2009 through the second quarter of 2011.

AT&T Inc.
T, -1.25%
fell 7%. It said third-quarter earnings rose to $3.23 billion, or 55 cents a share, from $3.06 billion, or 50 cents, in the year-earlier period. Revenue rose to $31.34 billion from $30.13 billion. Adjusted earnings per share were 67 cents in the latest quarter, including 10 cents of costs generated by Apple's iPhone 3G initiative and 2 cents from hurricane-related expenses, compared with 71 cents a year ago. See full story.

Boeing Co.
BA, -0.28%
shed 7.5%. It said third-quarter profit fell to $695 million, or 96 cents a share, from $1.11 billion, or $1.44 a share, in the year-ago period. The blue-chip aerospace giant, which is suffering through a machinist strike that's run nearly seven weeks and stopped commercial aircraft production, said quarterly revenue fell to $15.29 billion from $16.5 billion. See full story.

Boston Scientific Corp.
BSX, -0.22%
lost 5%. It said its third-quarter loss narrowed to $62 million, or 4 cents a share, from $272 million, or 18 cents a share, in the year-ago period. Excluding one-time items, the company earned 16 cents a share in the latest quarter. Revenue fell to $1.98 billion from $2.05 billion. The consensus in a FactSet-compiled survey had been for quarterly earnings of 11 cents a share on revenue of $1.98 billion.

ConocoPhillips
COP, -1.99%
gave up 9.1%. It said that third-quarter net income rose 41% as the average price of crude oil it sold doubled to $114.20 a barrel but that profit fell from the previous quarter as commodity prices started to cool off. See full story.

Dover Corp.
DOV, -0.23%
fell 7.6%. Its third-quarter net income rose 8% to $187.7 million, or $1 a share, from $174.6 million, or 86 cents, earned in the year-earlier quarter. Earnings from continuing operations came in at $1.01 a share. Analysts had been looking for the company to earn 97 cents a share, according to the consensus derived by FactSet. Revenue climbed 5.4% to $2 billion. See full story.

Downey Financial
DSL, +0.92%
lost 7.9%. It reported a wider third-quarter loss after taking more provisions for credit losses and reporting a 64% surge in operating expenses and a 22% drop in net interest income. The loss widened to $81.1 million, or $2.89 a share, from $23.4 million, or 84 cents a share, in the year-ago quarter. Analysts polled by FactSet had expected a loss of $5.54 a share. Downey also said it's reviewing the recently announced government programs to determine which, if any, might be available and appropriate.

Elbit Systems Ltd.
ESLT, -2.24%
the Israel-based defense contractor, won about $100 million in contracts to supply communications systems to the military in three unnamed countries. The contracts were $50 million in a South American nation, $38 million in the Asian country and $10 million in a European nation.

E-Trade Financial Corp.
ETFC, -0.48%
narrowed its third-quarter net loss to $50.5 million, or 9 cents a share, from $58.4 million, or 14 cents, a year earlier. The discount brokerage firm realized roughly $660 million in gains from sales of non-core assets, such as its Canadian business, in the latest quarter. Losses from continuing operations in the quarter reached 60 cents a share. E-Trade had been expected to lose 24 cents a share for the latest period, according to FactSet. See full story

First Midwest Bancorp
FMBI, +1.05%
plunged 10.2%. It said third-quarter net income fell 11% to $24.2 million, or 50 cents a share, from $27.2 million, or 55 cents, earned a year earlier. Total interest income fell 15% to $101.5 million. Excluding one-time items, earnings for the latest quarter were 47 cents a share. Analysts polled by FactSet had been anticipating earnings of 51 cents a share. The company said the lower profit was largely due to higher loan-loss provisions, which rose to $13 million from $470,000.

Ford Motor Co.
F, -0.28%
seeking to offload some of its 33.4% holding in Mazda Motor Corp.
MZDAF, -0.51%
(7261), has approached Hiroshima Bank as a potential buyer, according to a Japanese media report. The bank, based near Mazda's headquarters and main manufacturing plant, is likely to purchase a stake, although how big and at what price has yet to be determined, the Nikkei newspaper reported without saying where it got the information.

General Motors Corp.
GM, -0.52%
fell 5.3%. The automaker is looking for a sizable capital injection from outside investors as a possible alternative to a deal with Chrysler, the Financial Times reported. They said an investment would be along the lines of recent investments announced by Warren Buffett's Berkshire Hathaway in Goldman Sachs Group and General Electric.

GlaxoSmithKline
GSK, -0.35%
(GSK), Europe's largest drugmaker, reported third-quarter net income fell 21.5% to 1.06 billion pounds ($1.72 billion), while revenue rose 7% to 5.88 billion pounds. The company also said sales growth in vaccines, emerging markets and consumer health care helped offset the impact of generic competition in its U.S. pharmaceuticals business. See full story.

Google
GOOG, +0.81%
and T-Mobile USA Inc. rolled out in the U.S. the G1 mobile-phone handset, the first phone powered by the Mountain View, Calif., search-engine giant's Android operating system. The T-Mobile G1 has a touch screen as well as a full keyboard and comes loaded with applications like Google Maps Street View and Gmail, Google and the Deutsche Telekom
DT
(555750) unit said.

Kimberly-Clark Corp.
KMB, -2.19%
fell 7.2%. It reported a third-quarter profit of $610 million, or 99 cents a share, down from $683 million, or $1.04 a share, in the year-ago period. Earnings were hurt by inflation in commodity costs totaling about $250 million. It also increased its marketing spend by $25 million. Adjusted earnings came to $1.02 a share, a drop from $1.07 a share in the 2007 third quarter. Analysts polled by FactSet had, on average, been expecting a profit of $1.01 a share.

Kindred Healthcare Inc.
KND, +2.25%
plummeted 33.4% after it said it expects third-quarter profit from continuing operations of 1 cent to 3 cents a share and lowered its forecast for the year. The company also said it expects fourth-quarter earnings from continuing operations of 35 cents to 45 cents a share. For 2008, Kindred lowered its forecast of earnings from continuing operations to a range of $1.30 to $1.40 a share, down from $1.50 to $1.60 a share previously. The consensus of estimates compiled by FactSet showed analysts estimating earnings of 24 cents a share for the third quarter, 57 cents for the fourth quarter, and $1.53 for the year.

Kinetic Concepts Inc.
KCI, +2.50%
shed 9.9% after the medical-technology provider reported third-quarter net income fell 4.2% on 23% higher revenue. Earnings came to $56.6 million, or 78 cents a share, down from $59 million, or 82 cents, in the year-earlier period. Adjusted earnings rose 17% to 96 cents a share; the company reported 18 cents of costs tied to the acquisition of LifeCell in the second quarter of 2008.

Knight Capital
NITE, +18.44%
said third-quarter net income more than doubled to $36.3 million, or 40 cents a share, from $16.4 million, or 17 cents, earned in the same period a year ago. Analysts had been expecting a profit of 25 cents, according to the FactSet-derived consensus. Revenue climbed to $269.9 million from $205 million. The company said its global markets division put in one of the strongest quarterly performances in its history, driven by increasing order flow and heightened market volatility.

McDonald's Corp.
MCD, +0.94%
said third-quarter profit rose to $1.19 billion, or $1.05 a share, from $1.07 billion, or 89 cents, earned a year earlier. Revenue climbed to $6.27 billion from $5.9 billion. The company had been expected to earn 97 cents a share on sales of $6.22 billion, according to estimates compiled by FactSet. Global comparable-store sales rose 7.1%. They rose by 4.7% in the U.S., by 8.2% in Europe and by 7.8% in Asia, Middle East and Africa. See full story.

Merck & Co.
MRK, -0.78%
dropped 6.5%. It will cut 7,200 jobs by the end of 2011 to lower costs, with 40% of the reductions coming from the U.S. Merck also will cut its number of senior and mid-level executives by about 25%. As of Sept. 30, Merck had about 56,700 employees. The job cuts plan came as Merck said third-quarter net income fell to $1.09 billion, or 51 cents a share, from $1.53 billion, or 70 cents, earned in the same period a year earlier. See full story.

Northern Trust Corp.
NTRS, +0.63%
lost 11.9%. It said it swung to a third-quarter loss after it booked charges to support its money-market funds and help clients threatened with losses during the credit crunch. See full story.

Northwest Airlines
NWA
said it swung to a third-quarter loss on higher fuel costs and charges related to its fuel-hedging program. See full story.

Philip Morris International Inc.
PM, +0.85%
reported third-quarter earnings of $2.08 billion, or $1.01 a share, up 21% from $1.73 billion, or 82 cents, in the year-earlier quarter. Adjusted earnings came in at 93 cents a share, beating the consensus forecast of 90 cents a share as compiled by FactSet. Sales rose 17.5% to $6.95 billion, helped by currency translations. The company also affirmed its outlook for 2008 adjusted earnings per share of $3.32 to $3.38. Philip Morris increased its quarterly dividend by 17.4%, to 54 cents a share.

QLogic Corp.
QLGC, +0.12%
ended down 6.2%. It said second-quarter net income rose to $27.2 million, or 20 cents a share, from $22.6 million, or 16 cents a share, in the year-earlier quarter. On an adjusted basis, the networking and storage company earned 34 cents a share. Revenue increased to $171.2 million from $140.3 million. Analysts surveyed by FactSet had forecast that QLogic would post earnings of 28 cents a share on $170 million in revenue.

SanDisk
SNDK
fell 31.6% after Samsung
SSNGY, +0.00%
dropped its bid for the chip maker, citing a lack of progress in merger talks and uncertainty about SanDisk's business in light of the economic downturn. Read more.

Sigma-Aldrich Corp.
SIAL
fell 14.2% after it said third-quarter net income rose to $81.9 million, or 64 cents a share, from $71.6 million, or 54 cents, earned in the year-earlier quarter. Revenue increased to $540.6 million from $503.2 million. Analysts surveyed by FactSet had forecast the St. Louis biochemical and organic-chemicals maker would post earnings of 66 cents a share on revenue of $563.4 million, on average.

Technip
tkppy
lost 6%. The Paris provider of engineering and construction services for the oil-and-gas industry received a more than $100 million contract under which Brazil's Petrobras
PBR, -0.98%
will charter the Normand Progress for two years. The pact includes related services, and Petrobras took a two-year option on the ship as well.

Wachovia Corp.
WB, +2.13%
fell 6.2% after it swung to a third-quarter loss of $4.8 billion, or $2.23 a share, excluding impairment and expenses. Total third-quarter loss totaled $23.9 billion, or $11.09 a share. For the year-ago period, Wachovia posted profit of $1.7 billion, or 90 cents a share. The Charlotte, N.C., lender also said it's on track to close its sale to Wells Fargo
WFC, -0.37%See full story.

Wavecom SA
WVCM
(007306) lost 10.9%. The Issy-les-Moulineaux, France, provider of automotive-related technology swung to a third-quarter loss from a year-earlier profit on 45% lower revenue and reiterated that Gemalto's takeover proposal is inadequate. The quarterly loss was 4.1 million euros ($5.3 million), or 0.27 euro a share, against net income of 3.3 million euros, or 0.18 euro a share, in the year-earlier period.

WellPoint
WLP
the health-care provider, reported third-quarter net income dropped 5% to $820.7 million, or $1.60 a share, with operating revenue rising 2% to $15.31 billion. Profit for the latest quarter included 71 cents a share of losses on equity and fixed-maturity security investments as well as a 17-cent impairment charge on its state-sponsored business and a 90-cent gain from resolution of tax matters.

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